John-E-Mac
1416
Definition of "Price":
Feb 03, 2021,16:49 PM
According to one definition in the Merriam-Webster dictionary: "Price" is "the amount of money given or set as consideration for the sale of a specified thing." Simply, the price of an item or service is what the seller is asking for said item or service. Nothing more, nothing less.
It must be noted, that a singular item can have numerous prices depending on different sellers (e.g., at a jewelry store, online box store or a forum for sale ad). Also, a seller may have different prices for the same item depending on the demographic or sales avenue (i.e., dynamic pricing).
Now, the price a seller is asking may (or may not) have a relation to the cost of the item or service. Some items are sold below cost, some at cost and some at a profit.
Additionally, a seller's price may be firm or negotiable.
--
In this buyer and seller relationship, it is incumbent that the buyer must decide if the price is something they will pay.
The "process" in which a buyer "decides" if the price of something is fair, over-priced or under-valued is as unique as the transaction.
The "logic" or "reasoning" a buyer may employ can be totally different from transaction to transaction.
Let us not forget the "emotional" state that may impact the final decision.
In the end, the buyer "owns" the decision.
Be responsible with your money.
--
I guess there is a reason why some forums don't discuss pricing.
Enjoy the journey,
John